The Qatar Financial Centre Regulatory Authority has imposed a financial penalty on International Financial Services (Qatar) over anti-money laundering breaches.
IFSQ will pay $100,000 (£80,300, €89,000) plus unspecified “reasonable costs” incurred during the regulator’s investigation.
Change at the top
Newly appointed chief executive Aycan Richards told International Adviser that the fine relates to a historical issue and that she is committed to getting the house in order as it moves forward under her leadership.
Richards joined IFS as a senior financial adviser in March 2019 and stepped up to the job in July.
Originally from the UK, she moved to Qatar in 2013 with Guardian Wealth Management, before moving to Bloomsbury Services and Consultancy in May 2016.
Breaching the rules
Between May 2016 and January 2018, IFS failed to implement properly the policies, procedures, systems and controls required under the anti-money laundering and combatting terrorist financing (AML/CFT) rules.
However, the regulator “did not identify instances of illicit finance during its investigation”.
“IFSQ demonstrated a commitment to settle the matter and undertook remedial steps to address the Regulatory Authority’s concerns,” the watchdog stated.
Adding that “the settlement agreement resolves the matter to [our] satisfaction”.
Name game
IFSQ had a sister company in Singapore, under separate management, which had its licence cancelled by the local regulator in June.
Another business based in Hong Kong, also called IFS, is not connected to either the Singapore or Qatar-based companies.
